Egypt's Cabinet denies Suez Canal ownership transfer for debt settlement
Egypt's Cabinet has refuted claims that the government is considering transferring ownership of state-owned assets, including the Suez Canal, to the Central Bank of Egypt to settle domestic debt. The Cabinet stated that these claims originated from a public figure's personal proposal and do not represent an official government plan. While proposals involving asset exchange for debt reduction have been reviewed, they were deemed unsuitable and not adopted. The government emphasized that the Suez Canal is not part of any such discussions, reaffirming its strategic importance as a sovereign public asset vital to Egypt's national security, economy, and global trade. The Cabinet clarified that a recent debt settlement between the National Media Authority and the National Investment Bank was a specific arrangement and not a general approach to public debt. Egypt continues to implement a comprehensive debt management strategy focused on fiscal performance, revenue increase, spending efficiency, and maximizing returns from state assets through transparent frameworks. The government stressed the importance of distinguishing individual views from official state policies.
